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NHPC Allocates 1200 MW FDRE Projects in India Insight

Last Update 13 September 2024

NHPC's auction for 1.2 GW of Firm and Dispatchable Renewable Energy, including Energy Storage, resulted in allocations to Essar Renewables (300 MW), Juniper Green Energy (200 MW), and Serentica Renewables (150 MW) at INR 4.37/kWh. Hexa Climate Solutions received 80 MW, and Avaada Energy secured 470 MW at INR 4.38/kWh. NHPC will sign 25-year Power Purchase Agreements with these bidders.

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Allocation of 1.2 GW of the FDRE project will help India meet its peak demand effectively following the load pattern of consumers as the electricity stored in ESS will be dispatched according to consumer requirements at peak hours. This allocation by NHPC helped in the discovery of the lowest tariff rate of Rs. 4.37 per kWh for an FDRE project in the country. The low tariff discovered indicates a positive market response and as the BESS prices are expected to decrease further in the country due to its oversupply and increased domestic manufacturing, the tariff will further go down in the future. The high penetration of variable and intermittent renewable energy (RE) poses challenges to the grid which can be reduced by developing more FDRE projects in the country. This creates an opportunity for consumers to procure RE at a lower cost and also will increase the adoption of more FDRE projects.

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